Speaker 1: This is Bloomberg Business Week with Carol Messer and Bloomberg
Speaker 1: Quick Takes Tim Stinovic from Bloomberg Radio. Well. LinkedIn is
Speaker 1: having a moment. The Microsoft owned company announced last month
Speaker 1: that it reached ten billion dollars in fiscal year revenue
Speaker 1: for the year one. That's up from last year. Join
Speaker 1: us now to talk all about that and more, including
Speaker 1: how working from home will be the future, or perhaps
Speaker 1: it will be hybrid, or perhaps we will be going
Speaker 1: back to those offices full time after all. Is Dan Shapiro,
Speaker 1: chief operating officer for LinkedIn. He joined us now on
Speaker 1: the phone from Palo Alto Dan. How you doing good?
Speaker 1: Thanks for having me on. Yeah, thanks for joining us
Speaker 1: and thanks for coming on. We really appreciate it. Hey,
Speaker 1: let's talk that revenue growth from last year. What is
Speaker 1: working so well for you at LinkedIn? Well. LinkedIn is
Speaker 1: a platform for helping companies and professionals build relationships, and
Speaker 1: I think if there's anything we've learned over the last
Speaker 1: year is that we need as a society and as
Speaker 1: a business community to be able to build relationships as
Speaker 1: the world increasingly moved digital. Whether that's how companies build
Speaker 1: relationships with their customers or employers build relationships with talent,
Speaker 1: whether that's their exist employees or future employees, and all
Speaker 1: of that transitions leading to more and more power of
Speaker 1: the Lincoln Platform to help companies solve problems. And so, Dan,
Speaker 1: I'm curious to hear if you think that people change
Speaker 1: the way that they use LinkedIn during the pandemic, because
Speaker 1: just speaking personally, I can think of so many friends
Speaker 1: who really thought critically about their life and career and
Speaker 1: what kind of career they want to have, and they
Speaker 1: use LinkedIn for it. I mean, have you seen more
Speaker 1: people looking for jobs on the platform or just starting conversations.
Speaker 1: We're absolutely in a time where professionals everywhere are thinking
Speaker 1: about what they want from their career, how they want
Speaker 1: to work, where they want to work, and it is
Speaker 1: leading to something that we're seeing called the Great Reshuffle.
Speaker 1: We're both companies and professionals are reassessing a number of
Speaker 1: ways in which they've been working for a very long time.
Speaker 1: And so in a time like this, you're seeing more exploration.
Speaker 1: You're seeing greater curiosity about different kinds of jobs. And
Speaker 1: one thing in particular that we're seeing is both companies
Speaker 1: and professionals considering remote work options. If you actually go
Speaker 1: back in time before the pandemic, only about one and
Speaker 1: a half percent of jobs in the US on LinkedIn
Speaker 1: how to remote option Now fastwards today that numbers over
Speaker 1: eleven percent and over a quarter of all applications on
Speaker 1: their platform are going to remote jobs. And that's part
Speaker 1: particularly the case in some of the most highly skilled roles,
Speaker 1: like in tacker and media. Hey, Jan, help us understand
Speaker 1: you know this data more because you guys have such
Speaker 1: a granular view of what people are interested in, the
Speaker 1: types of jobs people are interested in. Is there much
Speaker 1: more interest around a company that offers a hybrid or
Speaker 1: a remote position rather than one that says, hey, this
Speaker 1: is in office, Like, are you seeing a quantifiable increase
Speaker 1: in the number and quality of candidates going for that job?
Speaker 1: There's no question, uh, For seven percent of professionals in
Speaker 1: the US want to work in a role where they
Speaker 1: can be remote or hybrid at least half the time.
Speaker 1: And we're seeing in particularly in skill sets that are
Speaker 1: in high demands, that are employers are adjusting their policies
Speaker 1: to be attractive to those kinds of professionals. So the
Speaker 1: number of jobs that have a remote option has gone
Speaker 1: up materially. Roughly one fourth of all jobs in the
Speaker 1: US in tech and in I T services are now
Speaker 1: remote enabled. And we think that that's going to continue
Speaker 1: because those are the skills that are in high demand,
Speaker 1: and that's what many professionals now have come to expect
Speaker 1: from their employer. And curious, I mean you mentioned you
Speaker 1: expect this to continue. I mean, is this a permanent
Speaker 1: change though? I mean, in reading all of the headlines
Speaker 1: on the terminal about the real estate story we just
Speaker 1: talked about, because people moved to the suburbs. Yeah, yeah,
Speaker 1: So building on that that, you are still seeing this
Speaker 1: push into the suburbs. Maybe people will be able to
Speaker 1: stomach a two hour commute if it's only done, you know,
Speaker 1: two or three days a week. But I mean at
Speaker 1: a certain point, does this fade in five years time?
Speaker 1: I mean, would you expect that companies are still offering
Speaker 1: hybrid situations? Is a perk of sorts. What people want
Speaker 1: is flexibility, and that's going to mean different things different people.
Speaker 1: For some people, flexibility is going to be about balancing
Speaker 1: home and work. For some people it's going to be
Speaker 1: about physically where they live and where they have their
Speaker 1: lives how do they live in a place that's either
Speaker 1: closer to family and friends or to the activities that
Speaker 1: they care about. Um, and that expectation of flexibility is
Speaker 1: going to continue, and we think it's gonna be most
Speaker 1: prevalent in the skill set that are in the highest demand.
Speaker 1: So think about technology jobs or media jobs. Um, these
Speaker 1: are the roles where media jobs are in high demand.
Speaker 1: Hold on, talk about that. Are they are they do?
Speaker 1: Media jobs in high demand? I mean, we hear so
Speaker 1: much about the media industry just and look, there are
Speaker 1: a lot of new new media properties launching. But talk
Speaker 1: a little bit about that in just the last thirty seconds,
Speaker 1: and then we're gonna come back with you. Yeah, I
Speaker 1: mean media and marketing generally the entire economy. UM. I'm
Speaker 1: sure that there are pockets that have different dynamics, but
Speaker 1: you are seeing that roughly one fourth of jobs in
Speaker 1: tech and media are offering now a little mode option
Speaker 1: on LinkedIn. Dan shapperro Jan Shapira, sit tight with us
Speaker 1: chief operating officer at LinkedIn. Hang with us, because we
Speaker 1: are going to be coming back to you in just
Speaker 1: a few minutes. We're gonna do some news. We're gonna
Speaker 1: check how the business day wrapped up and get right
Speaker 1: back to you in just a couple of minutes. That's
Speaker 1: Dan Shapiro, chief operating officer at LinkedIn, joining us on
Speaker 1: the phone from Palo alto, Yeah, Katie, I think the
Speaker 1: the big question that I have is to what extent
Speaker 1: it is? The one you asked is how long is
Speaker 1: this remote work or hybrid work environment? Is it going
Speaker 1: to be like that in five years? Exactly? Ton of
Speaker 1: momentum around it. Now, curiousity does not actually last. You're
Speaker 1: listening to Bloomberg Business Week, and this is Bloomberg Radio.
Speaker 1: Let's get right back to Dan Shapiro, chief operating officer
Speaker 1: at LinkedIn. He joins us on the phone from Pala walto, Hey, Dan,
Speaker 1: it was so interesting. I don't know if you heard
Speaker 1: what Katie said about remote work being the new foodsball
Speaker 1: table in the sense that it's it's a real perk um.
Speaker 1: I completely agree with that and the idea that managers
Speaker 1: need to be thinking about the best ways to attract
Speaker 1: and retain talent. Because if there's one thing that has
Speaker 1: emerged when it comes to the way that my friends
Speaker 1: and uh like my friends really they are thinking about
Speaker 1: over the last year and a half. It's really about
Speaker 1: their careers. And we're having this issue right now with
Speaker 1: managers all over trying to attract and retain talent. What
Speaker 1: are the lessons that you can take away and give
Speaker 1: to two managers who are listening right now about the
Speaker 1: data in the data that you see at LinkedIn, about
Speaker 1: the best ways to attract and retain talent at a
Speaker 1: time when even even though the labor market is not tight,
Speaker 1: it is tight right well, I think we are seeing
Speaker 1: the labor market get tighter over the last quarter and
Speaker 1: into the coming quarters. You're seeing that the resurgence and
Speaker 1: certain parts of the economy is leading to very aggressive
Speaker 1: hiring in certain sectors, and that is actually ahead of
Speaker 1: people's general willingness to change jobs. Right now, many people
Speaker 1: have been and some continue to be what they call
Speaker 1: shelter and job where because the environment's uncertain, they tend
Speaker 1: to stick to what they are doing. But almost that
Speaker 1: every research study you see speaks to the fact that
Speaker 1: many people are considering a change. So the question is,
Speaker 1: how do you make sure that if you have a
Speaker 1: member of your team that is thinking about change, how
Speaker 1: do they make sure that they're exploring changes within your
Speaker 1: organization or within your team as opposed to outside, and
Speaker 1: they're going to get to questions like how do I
Speaker 1: want to work, where do I want to work? Do
Speaker 1: I work at accompany that aligns with my values? Or
Speaker 1: what important to me um And we continue to find
Speaker 1: that the employers that are getting the most attraction from Kennedy's,
Speaker 1: particularly those and highly skilled jobs, are the ones that
Speaker 1: are answering those questions and realizing that their employer is
Speaker 1: aligned with what they want to accomplish in their careers. Hey, Dan,
Speaker 1: I'm curious if this is particularly prevalent in any specific industry.
Speaker 1: I mean, obviously there are some jobs where you can't
Speaker 1: work from home, you can't do it from your basement,
Speaker 1: but there's a lot of jobs in corporate America that
Speaker 1: you can. So I'm curious, Uh, where we're seeing that
Speaker 1: the most. If you look at the landscape of the
Speaker 1: American workforce, it is happening quite a bit in higher
Speaker 1: demand job segments that can be done remotely. At the
Speaker 1: end of the day, what people want is flexibility, and
Speaker 1: that means a variety of difffferent things for different for
Speaker 1: different folks. For some people, that's more flexibility about how
Speaker 1: to fit their home and life together. For some people,
Speaker 1: it's about coming into the office not to do work,
Speaker 1: but to collaborate indoor community with their colleagues. Um and
Speaker 1: that's leading to changes and things such as rethinking what
Speaker 1: an office looks like. Two thirds of executives are reconsidering
Speaker 1: their physical office space layout by virtue of what's been happening,
Speaker 1: thinking even more of a place for people to come
Speaker 1: together and collaborate as opposed to people sitting at their
Speaker 1: decks and doing one on one work. So there are
Speaker 1: so many changes that are afoot, but we so far
Speaker 1: see that this is a trend that is very clear
Speaker 1: and it's going to become the most prevalent in the
Speaker 1: highest demand skill sets. Hey Dan, a few of our
Speaker 1: colleagues spent the weekend dropping their kids off at school
Speaker 1: for the first time at college. As students in the
Speaker 1: United States go back to school and begin their time
Speaker 1: in university. Based on the data that you have at
Speaker 1: linked in, what should these students be thinking about when
Speaker 1: it comes to how they should think about their majors
Speaker 1: and what they're going to study. What are the areas
Speaker 1: so when they get done with school, when they graduate,
Speaker 1: they're not saddled with debt that they can't pay back
Speaker 1: because they can't find a job that pays enough. There's
Speaker 1: a general trend that's happening in that we're a big
Speaker 1: believer in at LinkedIn of taking a mindset around skills
Speaker 1: rather than degrees. And so the question that I would ask, uh,
Speaker 1: you know, your your friends, kids, or other people that
Speaker 1: you know, is what kind of jobs are you interested in?
Speaker 1: And maybe they haven't figured that out yet that they
Speaker 1: can start to explore those ideas and what skills are
Speaker 1: important to employers in those categories. And so then rather
Speaker 1: than think about a major or a degree, think about
Speaker 1: skill sets and how they build evidence of those skill
Speaker 1: sets that they can showcase to employers as they come
Speaker 1: into the job the job force. And so, Dan, I
Speaker 1: want to ask about the business of LinkedIn, the company itself.
Speaker 1: So I like to mentioned earlier you recently had ten
Speaker 1: billion dollars in revenue. I'm curious how much of that
Speaker 1: is just in the US or what does the landscape
Speaker 1: look like abroad when it comes to LinkedIn. Well, LinkedIn
Speaker 1: is a business is our membership is to through us
Speaker 1: R three quarters outside of UM the United States. Person
Speaker 1: in the United States was a very global platform and
Speaker 1: roughly half of the businesses international as well, and we're
Speaker 1: continuing to see international and global engagement via fundamental part
Speaker 1: of how we grow linked In. At its core, LinkedIn
Speaker 1: is a platform for economic opportunity and we try to
Speaker 1: achieve that in a global basis, and it is something
Speaker 1: that we think is important, particularly an environment where um
Speaker 1: engagement between people around the world is a fundamental part
Speaker 1: of how business gets done. Dan Shapiro is Chief operating
Speaker 1: officer at LinkedIn. He joins us this afternoon on the
Speaker 1: phone from San Francisco. Dan, thank you so much for
Speaker 1: taking the time and for chatting with us all about
Speaker 1: the latest at LinkedIn and the first fiscal year ten
Speaker 1: billion dollars in revenue.